Market Update
European markets were trading with modest gains Thursday ahead of an interest rate decision from the ECB and a batch of data on the services sector.
The FTSE was up 0.4%. The CAC 40 Paris also gained 0.4% while the DAX was up half a percent.
Earlier, data showed service sector activity expanded in the U.K. at their slowest pace in the last three months in June with Markit’s services PMI down to 57.7 from 58.6 in May.
Services sector activity also slowed more than expected in Germany. As a whole, the euro area reported flat growth in the sector as the index remained at 52.8 in line with expectations.
Euro area retail sales also slowed as year-on-year sales grew just 0.7%, confounding expectations for a 1.2% growth.
The ECB's interest rate decision is due slightly later.
Stocks on the Move
Balfour Beatty PLC tumbled over 10% after the infrastructure company said trading at its mechanical and electrical engineering division had worsened and issued a profit warning.
Over in Paris, Ingenico SA added almost 7% after the IT systems group said it was in talks to buy Amsterdam-based GlobalCollect for an enterprise value of 820 million euros.
Daimler AG was up about half a percent on reports the company wants to cut costs further at its truck plants that could affect around 2,000 jobs.